Recorded at the Mises Institute Supporters Summit, 31 October 2008; Auburn, Alabama. Introduction by Mark Thornton. Thomas DiLorenzo is professor of economics at Loyola College, Maryland, and a senior fellow at the Ludwig von Mises Institute.

2 Responses to “THE GILDED AGE AND THE GOLD STANDARD”

Money needs to be controlled by the people, not tied to a scarce metal, the source of which is controlled by large mining corporations, and which is hoarded by the 1% to manipulate the economy at their whims.

Think about it. There was a time when very wealthy men could corner the market by removing enough gold from circulation, bringing farmers and laborers to ruin. That was the real Gilded Age. We do not want to go back to that.

And notice he does not mention the even greater economic growth of Asian Tiger economies in the past fifty years with no gold standard, because that would destroy the circular reasoning his hypothesis is based on.